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Save through remortgaging

Following the most recent interest rate rise, IFA Promotion is offering remortgaging advice.

Following the most recent interest rate rise, IFA Promotion is offering remortgaging advice.

Although mortgage rates are still relatively low, this quarter per cent rise may still have a significant impact on mortgage repayments.

IFA Promotion, the organisation promoting the benefits of independent financial advice, is now offering borrowers a free fact sheet.

Within this are ideas and examples on how to reduce repayment costs by remortgaging. It deals with issues such as, how to find out about the right type of mortgage, how to remortgage, and where to turn to for advice.

The chief executive of IFA Promotion, David Elms, said: "Lenders are competing for borrowers' business, so it's likely if you haven't remortgaged for some time you could save money by doing so now."

He added: "An IFA can help you review your current mortgage along with all your regular outgoings, looking at how best way to counteract recent rate rises and protect against future changes."

Yesterday the Bank of England raised the Base Rate for the third time this year to 4.5 per cent.

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